The GBP/USD could be building a correction within wave 2 (blue).
A bearish breakout below support (green) could confirm wave 3 (red) but a break above the 100% Fib level invalidates wave 2 (blue).
The GBP/USD needs to break below support (blue/green) to confirm a potential wave 3 (blue). The Fibonacci levels of wave 2 (blue) could act as resistance.
Origin: Admiral Markets